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July/August 2004, 
Vol. 86, No. 4
Posted 2004-07-01

Panel Discussion: Inflation Targeting

by Ben S. Bernanke, Otmar Issing, and Donald L. Kohn

Ben S. Bernanke proposes that the Federal Reserve’s announcement of a long-run inflation objective might help the Fed communicate better and perhaps improve policy decisions. Otmar Issing highlights what he thinks are the distinguishing features of inflation targeting and possible pitfalls of this approach. Donald L. Kohn addresses whether inflation targeting would improve economic performance in the United States.